Business Briefing

Published 10:00 pm, Friday, October 26, 2007

NATIONAL NEWS

BP moves to settle charges for leaks, blast, price fixing

HOUSTON -- BP PLC is taking a multimillion-dollar broom to sweep away a slew of federal charges linked to energy price fixing, a deadly refinery blast and pipeline leaks and focus on its energy business.

The more than $373 million in settlements announced Thursday are part of the company's attempt to get rid of the problems left over from the stewardship of former Chief Executive John Browne and move ahead with the recently announced restructuring of Europe's second-largest oil company.

Sprint CEO: 5G Networks Will Create 3 Million Jobs in the U.S.Cheddar TV

Amazon Prime Membership Rises to $119Wibbitz

Ford Plans to Stop Production Of All But 2 ModelsFortune

Why the Microsoft vs. Apple Fight is OverCheddar TV

KANSAS CITY, Mo. -- Wireless subscribers of Sprint Nextel Corp. may no longer have to buy a new phone if they jump to a new carrier.

As part of a proposed class-action settlement, the Reston, Va.-based provider, with operational headquarters in Overland Park, Kan., has agreed to provide departing Sprint PCS customers with the code necessary to unlock their phones' software.

That would allow the phones to operate on any network using code division multiple access technology, or CDMA. Competitors using that technology include Verizon Wireless and Alltel Corp., although the Sprint handset would still have to meet those networks' technical standards to work.

EARNINGS NEWS

Countrywide sees first quarterly loss in 25 years

LOS ANGELES -- Countrywide Financial Corp. lost $1.2 billion in the third quarter, but its shares soared Friday after the nation's largest mortgage lender said it expects to be profitable this quarter and next year.

It was Countrywide's first quarterly loss in 25 years.

But the Calabasas, Calif.-based company said it will be profitable in the fourth quarter and in 2008, as it restructures its business to take advantage of the current market.

Shares jumped $4.23, or 32.4 percent, to close at $17.30 Friday after rising as high as $17.51.

The stock is down 64 percent from its 52-week high of $45.26.

Countrywide's loss amounted to $2.85 per share for the July-September period in contrast to a profit of $647.6 million, or $1.03 per share, a year ago.

Countrywide reported a revenue figure of negative $50 million in the third quarter because of the effect of impairments and charges, versus $2.82 billion during the same period a year ago.

WORLD NEWS

Nintendo has no intention to cut price for Wii console

TOKYO -- Fresh off bumper earnings, Nintendo Co. ruled out a price cut for its smash-hit Wii video game console Friday and announced the company will begin selling the Wii in China next year.

Nintendo President Satoru Iwata also unveiled a gift-giving feature that will allow users to send each other games over the Internet, boosting the Wii's network offerings.

Iwata said the company was struggling to meet demand of the Wii and a price cut was out of the question.

The Wii sells for $249.99 in North America.

Sony to bring out a new PlayStation 2 next month

Sony Corp. will introduce a new PlayStation 2 for the holidays to take advantage of the continued popularity of the older machine.

A white version of the PS2, with the "SingStar Pop" game and two microphones, will sell for $149.99, the company said Friday.

The console will reach stores in early November, Sony said, without providing an exact date.

Sony is capitalizing on PlayStation 2's appeal as a low- priced alternative to Nintendo Co.'s Wii and Microsoft Corp.'s Xbox 360. The PS2 ranked third behind those consoles in September with sales of 215,000 units.

SHIPPING NEWS

Vessels due Saturday at the Port of Seattle, according to the Marine Exchange of Puget Sound, include Hanjin Berlin from Vancouver, B.C., at Terminal 37. Due Sunday: Hanjin Ottawa from Vancouver, B.C., at Terminal 37; and Ville D'Orion from Vancouver, B.C., at Terminal 18-3. Due Monday: Kapitan Maslov from Oakland, Calif., at Terminal 18-2; Mercury from Nanaimo, B.C., at Terminal 66-2; and OOCL Netherlands from Busan, South Korea, at Terminal 18-3.